Reference is made to the stock exchange notice on 30 October 2018 where Magseis
ASA (the "Company") announced that the Company had entered into an agreement
with Fairfield Geotechnologies ("Fairfield") whereby the Company will acquire
the Seismic Technologies business from Fairfield (excluding the Brazilian
operations) together with 100% of the shares of Fairfield International Limited,
being the parent company for the WGP group in the UK, (the "Transaction").

The Company hereby announces that all conditions for completion of the
Transaction have been fulfilled, and that the Transaction has been completed.
 
As resolved by the extraordinary general meeting of the Company held on 12
December 2018 (the "EGM"), the Company's name is Magseis Fairfield ASA with
effect from today. 

Further, as resolved by the EGM, Chuck Davison began his term as the new
chairman of the Board of Directors today, replacing Jan P. Grimnes who ended his
term at the same time. Similarly, Anthony Dowd began his term as a new member of
the nomination committee today, replacing Jon H. Walle.

Following completion of the Transaction, Fairfield has subscribed for and will
be allocated 33,500,000 shares (the "Consideration Shares"), and 18,250,000
warrants. The share capital pertaining to the Consideration Shares will be
registered on or about 19 December 2018, and listing of the Consideration Shares
on Oslo Børs will occur on or about 19 December 2018. Following this, Fairfield
will hold 33,500,000 shares corresponding to 18.11% of the shares and votes of
the Company, and shares and rights to shares corresponding to 27.9% when
including the warrants.

For further information, please contact:

Per Christian Grytnes, CEO 
Tel: +47 48 21 48 21 
Email: pc.grytnes@magseis.com 

Tom Henrik Sundby, CFO 
Tel: +47 47 75 44 15 
E-mail: tom.sundby@magseis.com 

* * * 

Magseis is a rapidly growing Norwegian geophysical company providing ocean
bottom seismic ("OBS") acquisition. The Company's proprietary Marine Autonomous
Seismic System ("MASS") enables highly cost-efficient acquisition and delivers
superior data quality. The Company is headquartered in Oslo, Norway and has
offices in Norway, Sweden, the United States and Singapore.

* * * 

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act. 

This announcement is not an offer for sale of securities in the United States or
any other country. The securities referred to herein have not been registered
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"),
and may not be sold in the United States absent registration or pursuant to an
exemption from registration under the U.S. Securities Act. Magseis does not
intend to register any portion of the offering of the securities in the United
States or to conduct a public offering of the securities in the United States.
Copies of this announcement are not being made and may not be distributed or
sent into the United States, Canada, Australia, Japan or any other jurisdiction
in which such distribution would be unlawful or would require registration or
other measures. 

Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to) forecasts,
projections and estimates, statements of management's plans, objectives and
strategies for Magseis, such as planned expansions, investments or other
projects, management, as well as statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements. Although
Magseis believes that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. 

No assurance can be given that such expectations will prove to have been
correct. Magseis disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.